Ayala Land confident of concluding deal with Ortigas firm

by Cathy Rose A. Garcia, ABS-CBNnews.com

Posted at Jul 06 2012 11:18 AM | Updated as of Jul 07 2012 12:59 AM

MANILA, Philippines - Ayala Land Inc. is confident it will soon be able to conclude a partnership deal with the Ortigas group.

"We're taking the required steps right now. We are well on the way of progressing toward that successful conclusion. We expect that to happen shortly," ALI president Antonino Aquino told reporters on Thursday.

The property giant had earlier entered into a "strategic alliance" with a group led by Ignacio Ortigas for the purpose of allowing ALI to participate in OCLP Holdings Inc., the parent company of Ortigas & Co Ltd. ALI allocated an initial amount of P15 billion for this partnership and in the development of various properties and businesses.

Asked if the company is confident can get a controlling stake in OCLP Holdings, Aquino said: "This is a view we have to share with our strategic partner and I think that what we would all be moving toward would be a strategic partnership that should be able to have that overall management control of the process."

A partnership with Ortigas is expected to expand the list of ALI-developed business districts, which already include Makati, Quezon City and Bonifacio Global City. Ortigas & Co. currently owns strategic land bank areas in the Ortigas Business District, Greenhills Shopping Center, Tiendesitas in Frontera Verde, Circulo Verde, and Capitol Commons.

Aquino said the partnership could pave the way for the simultaneous development of business districts in Makati, Quezon City, Bonifacio Global City and Ortigas.

"Today, with all of the positive news that we are getting, we are confident na ma-accelerate ang development that would enable multiple developments in all of these areas on a simultaneous basis," Aquino said.

"Each one is performing a specific function. Vertis North is the gateway to the north, Ortigas is to the east, Makati and Bonifacio is to the south, iba-ibang characteristics but they all satisfy a different need in the country," he added.

On Thursday, ALI broke ground on its latest project - Vertis North in Quezon City. The project is envisioned to be the new central business district of Quezon City.